ONGC sets $2.64 billion capex for drilling oil, gas wells in 2018/19

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A technician is pictured inside a desalter plant of Oil and Natural Gas Corp (ONGC) on the outskirts of Ahmedabad, September 30, 2016. REUTERS/Amit Dave/Files

NEW DELHI (Reuters) - India’s top explorer Oil and Natural Gas Corp said on Wednesday it plans to invest 176.15 billion rupees ($2.64 billion) on drilling in 2018/19, a growth of about 24 percent over the last fiscal year.

ONGC aims to drill 535 oil and gas wells in this fiscal year to March 2019, compared with 503 well drilled in the previous year, the company said in a statement.

India, which imports about 80 percent of its oil needs, wants to quickly monetise its oil and gas reserves and has been nudging its state explorers to boost oil and gas production.